Republicans Break Ranks With Trump, Slam DOJ’s Criminal Probe of Fed Chair Powell
The Trump administration’s criminal investigation of Federal Reserve Chair Jerome Powell has triggered rare bipartisan pushback, elevating tensions over central bank independence.
Lawmakers in both parties and former Fed leaders are criticizing the probe, which Powell disclosed involves grand jury subpoenas tied to his congressional testimony. Powell called the inquiry a pretext to pressure the Fed on interest-rate policy, a claim that underscores a growing clash between the White House and the central bank.
Republican senators including Thom Tillis and Lisa Murkowski have broken with President Trump’s stance. Tillis said he will block confirmation of any Federal Reserve nominees until the legal matter is resolved, signaling potential gridlock over key economic appointments.
The investigation has united high-profile critics outside Capitol Hill. Former Federal Reserve chairs Janet Yellen, Ben Bernanke, and Alan Greenspan joined a broader group of ex-economic officials in condemning the action as an “unprecedented attempt” to undermine the Fed’s autonomy, language that reflects deep concern about political influence over monetary policy.
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“This threatens the core independence of the Federal Reserve,” a former chair wrote in a joint statement.
The backlash highlights the stakes: markets and policymakers rely on a central bank free from political coercion, and blurring that line could unsettle economic expectations.
Trump has denied knowledge of the DOJ’s actions, but questions persist about the timing and motivation behind the legal move.
The key follow-up will be whether charges are filed and how Congressional oversight plays out as Powell’s term nears its end.
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